Schneider Electric Snaps Up Summit Energy for $268m
The acquisition will play a critical role in strengthening Schneider Electric‚Äôs energy management services portfolio, which will now offer customers energy procurement, market intelligence, data management, risk management and sustainability consulting services, Schneider said.
Summit‚Äôs online platform, dashboarDView, allows corporations to understand their energy and environmental costs and usage, Schneider said.
All of Summit‚Äôs 350 employees, in 11 offices throughout North America and Europe, will stay with the company. They will become part of Schneider‚Äôs Energy Solutions group.
‚ÄúThe acquisition of Summit Energy allows Schneider Electric to broaden our energy management services and solution portfolio, offering customers the ability to manage and optimize their energy consumption from the supply side through the demand side, while also growing our energy and environmental online reporting capabilities,‚ÄĚ Chris Curtis, Schneider Electric‚Äôs senior executive vice president, North America, said.
‚ÄúBy joining with Schneider Electric, we will be able to deliver Summit‚Äôs unique service offering to Schneider Electric customers,‚ÄĚ said Summit Energy president and CEO Steve Wilhite. ‚ÄúIn recent years, we have invested heavily in people and technology to serve our clients. In combining our strengths with Schneider Electric‚Äôs resources, Summit Energy will be even better positioned to lead our clients to cost-effective and sustainable energy.‚ÄĚ
The completion of the transaction is subject to regulatory approvals and customary closing conditions.
Consolidation in the market for environmental and energy management software has been frequent in the past few years. Last week IBM announced that it will buy Tririga, a vendor of facility and real estate management software, for an undisclosed sum.
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